The developer has secured a lucrative long-term lease with Amazon to construct a new Whole Foods grocery store on the property, further strengthening the investment’s long-term value.

The borrower already has construction financing in place with a Texas-based ground-up construction lender. Proceeds from that construction loan will be used to pay off Worth Avenue Capital’s short-term CRE bridge loan in full within the next several months, following the initial funding advance.

The loan proceeds will be used to support equity market investments, with the loan secured by a junior mortgage on a luxury residence located in the scenic countryside of Greenwich, CT.

The underlying loan-to-value (LTV) of the collateral property is approximately 60%, providing a strong security position for WAC. The borrower is actively marketing the home for sale, and the loan will be repaid upon the successful closing.

The loan is secured by a first mortgage on one of the key parcels within this expansive and diversified development, which will feature a mix of medical, residential, fitness, and retail tenants. Future occupants of the project include a prominent medical and hospital organization, a nationally recognized fitness brand, newly constructed multifamily residential units, and several other commercial tenants. Upon completion and lease execution, the development is expected to become one of the premier real estate assets in the greater Hartford, CT market.

Congratulations to Dream Home Custom Builders (DHCB), who has successfully closed on the sale of three out of four luxury condominium units at 57 and 59 Locust Street in downtown Greenwich, Connecticut. This upscale residential development is located within walking distance of the renowned Greenwich Avenue shopping district. This is a highly attractive area to buyers in one of the most sought-after real estate markets in the country.